Deficit Talks: On the Road to Armageddon
The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.
NEW YORK (TheStreet) -- America's finances are headed for a train wreck.
By Nov. 23, the Super Committee in Congress must come up with a package to cut the federal deficit by $1.2 trillion over ten years or draconian cuts in defense and discretionary spending follow.
Something still may be cobbled together but the federal deficit would remain too large and could easily fly out of control. Genuine progress is not possible, because the principals won't even accept the facts.Democrats harp that Bush tax cuts, wars and prescription drug plan for seniors caused the deficit to swell to $1.3 trillion in 2011. Yet, with all those at play, the deficit was only $161 in 2007.
|Dodd-Frank was, from the beginning, doomed to be just another device of regulatory strangulation.|
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